Rand Merchant Bank (RMB) in South Africa has entered into a strategic partnership with climate technology firm KOKO to enhance climate financing initiatives.
This collaboration represents a significant step towards promoting clean energy solutions and addressing deforestation, critical challenges facing South Africa today. KOKO is actively working to replace charcoal with bioethanol cooking fuel and has successfully set up KOKO Fuel ATMs throughout Kenya.
The partnership aligns with the objectives outlined in the Nairobi Declaration, which emphasizes Africa’s commitment to financing the energy transition and reducing carbon emissions, a pledge made in September 2023. Through this alliance, RMB and KOKO aim to support national environmental objectives.
Phil Norton, the carbon finance lead at RMB, expressed enthusiasm about the collaboration, stating, “We are delighted to partner with KOKO to support their rapid expansion while providing more affordable and lower-emission energy solutions to millions across Africa. As a pan-African investment bank, this partnership aligns perfectly with our goal of establishing a leading carbon trading and finance operation throughout the continent, catering to both existing and new clients.”